Word of the Day: “Unbanked”

The growing list of hard-times, recession-era words and phrases like mancession and recession porn welcomes a new member: “unbanked.” If the word applies to you, you might be paying nearly 1000% interest on short-term loans.

In the financial world, those without access to traditional financial services have been dubbed the “unbanked.” With spotty bank records and thin or nonexistent credit reports — documents often required to rent an apartment, buy a cellphone or even get a job — they rely on storefront businesses that may charge a 4 percent fee to cash a check or a 995 percent annual interest rate for a short-term loan.